Recently, AGIX, the cryptocurrency of the SingularityNET project, has seen an incredible surge in value. Despite being relatively unknown, AGIX has experienced a remarkable 800% increase since the beginning of 2023 and appears to be continuing its upward trajectory. So, what exactly is SingularityNET, and what is driving the impressive growth of its AGIX token? and how high can SingularityNET go? Let’s explore and find out.
What is SingularityNET?
SingularityNET is a decentralized platform that allows anyone to buy and sell artificial intelligence services. In a nutshell, it’s a marketplace for developers and businesses to share and use artificial intelligence algorithms. The platform is built on blockchain technology and accepts payments in the form of its native cryptocurrency, AGIX. SingularityNET aims to make AI more accessible and democratize its benefits by establishing an open network for AI. Anyone can join the AI revolution and contribute to its advancement with SingularityNET.
Currently, the SingularityNET network hosts about 15 AI-based platforms from various industries, including finance, robotics, biomedical, media, arts, and entertainment. These services can be purchased with AGIX, the platform’s native cryptocurrency. Incentives can also be earned by staking AGIX, and the token can be used to vote on governance proposals within the platform.
How has the AGIX price moved in the last few days?
The hype surrounding Artificial Intelligence (AI) based tokens drives SingularityNET (AGIX) to its current 800% growth. Trading at $0.4691, AGIX is among the top-performing altcoins today and competes with other AI-based digital currencies. SingularityNET is gaining momentum and creating a buzz with its newly announced partnerships.
🧵 Enabling real-world use cases at scale on the #SingularityNET platform via creating a MeTTa-based DSLs focused on smart contract programming in specific industry verticals.#BuildingOnSNET #AI #Cardano pic.twitter.com/SoB7V8SAw4
— SingularityNET (@SingularityNET) February 7, 2023
With its latest move, SingularityNET is stirring up today’s solid growth, influenced by developments from top DeFi leaders such as Cardano (ADA). Through MeTTa, a smart contract development environment, the firm is looking into ways to optimize the use cases for all of its developers.
How high can SingularityNET go?
The demand for Artificial Intelligence is growing, and ChatGPT, a popular tool, is emphasizing this trend even more. On January 23, Microsoft ignited AGIX’s climb by announcing a $10 billion investment in ChatGPT. Since then, numerous institutional investors have voiced their support for AI-driven platforms. For instance, on February 4, Google invested $300 million in the AI startup Anthropic.
The growth of AI-based blockchain projects has spiked due to recent developments. For example, AGIX has risen 800 percent since the start of the year and currently trades at $0.4756 after experiencing a 136 percent increase in growth in the last seven days. Additionally, AGIX’s trading volume and market capitalization have risen by more than 100 percent in the last 24 hours.
The AI industry has rapidly expanded to become a $327.4 billion market. The increasing popularity of ChatGPT and other AI-based services is predicted to drive further growth in the industry in the coming years. If SingularityNET can realize its objectives and follow through on its plan, it should greatly benefit from the positive outlook on AI and blockchain technology. So, the price of AGIX could be between $2 to $3 in the next few months.
6.
The top 20 holders hold a total of 616M $AGIX($345M), accounting for 55.4% of the total supply. pic.twitter.com/WRkWkTbVKZ
— Lookonchain (@lookonchain) February 7, 2023
Lookonchain reports that the top 20 AGIX token holders held approximately $345 million worth of the token, which constituted 55.4% of the total AGIX supply. Therefore, the AGIX buying or selling pressure is largely influenced by these top token holders, known as whales. Some of these whales have not sold any of their holdings. But does this indicate that AGIX has the potential to continue rising in value?
Many blockchain protocols are now exploring ways to join the AI trend by developing unique solutions accessible to everyone. SingularityNET leads the charge by designing its protocol to enable AI developers to publish, sell their AI tools, and track their performance easily.
However, it is crucial to keep in mind that cryptocurrencies are highly unstable and their prices can experience significant fluctuations, even after experiencing substantial growth and favorable predictions for the future. It is essential to conduct your own research and only invest an amount that you are willing and able to completely lose.
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Source: https://cryptoticker.io/en/singularitynet-agix-shocks-the-market/